Platinum Storage Group, which operates more than 50 self-storage facilities in eight states, has received approvals to develop a Storage Direct location on 2.8 acres in Brentwood, Tenn. The property at the intersection of Cloverdale Drive and Old Hickory Boulevard will comprise 120,000 square feet in 828 units, according to a press release. Construction is expected to begin next month.
The property will feature automatic door locks, climate-controlled units, individual door alarms, electronically secured floor access, video cameras and facility-wide WiFi.
"The Brentwood market boasts ideal self-storage fundamentals and aligns with our strategy of adding properties to our portfolio in areas that we want to be in for the long run," said CEO Daniel “Skip” Elefante. "There has been very little supply added to the area since 2007, so we are poised to make a strong entrance to the market. In addition to the lack of supply, the market has a low vacancy rate and commands strong rents, both factors that align with our strict investment criteria."
Headquartered in Orange County, Calif., Platinum is a privately held commercial real estate company specializing in self-storage. Founded in 1999, it owns or manages a storage portfolio comprising more than 4 million square feet.